Moody’s cuts Britax

Moody’s Investors Service said it lowered Britax Group Ltd.’s ratings, including its corporate family rating to Caa3 from Caa1 and probability of default rating to Caa3-PD from Caa1-PD.

Moody’s also downgraded to Caa3 from Caa1 the ratings assigned to the €323 million equivalent first-lien term loan (€293 million outstanding at June 2019) and the €20 million revolver available at Britax US Holdings Inc. as lead borrower.

“The company’s looming debt maturities next year and weak liquidity give it limited time to turnaround the weak trajectory of profits and we therefore think losses for lenders look increasingly likely,” said Egor Nikishin, a Moody’s lead analyst for Britax, in a press release.

The outlook is negative.

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